Williams: Hat Tip to the Data

Federal Reserve's Williams Says "Clearly The Case Downside Employment Risks Increased" Fed's Williams: My concern is that the job market cools further than desirable. FED'S WILLIAMS: OVERALL TREND IN SERVICES INFLATION HAS BEEN FAVORABLE CORE GOODS INFLATION HAS SHIFTED HIGHER ON TARIFFS MY BASE CASE IS TARIFFS STAY IN PLACE, BUT DOES CONSIDER DIFFERENT SCENARIOS EXPECTS TARIFF IMPACT TO PLAY OUT INTO THE MIDDLE OF NEXT YEAR

Economic activity in the services sector grew in August for the third consecutive month, say the nation's purchasing and supply executives in the latest ISM® Services PMI® Report. The Services PMI® indicated expansion at 52 percent, above the 50-percent breakeven point for the 13th time in the last 14 months. The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "In August, the Services PMI® registered 52 percent, 1.9 percentage points higher than the July figure of 50.1 percent and in expansion territory for the third month in a row. The Business Activity Index remained in expansion in August, registering 55 percent, 2.4 percentage points higher than the reading of 52.6 percent recorded in July. This index has not been in contraction territory since May 2020. The New Orders Index also remained in expansion in August, with a reading of 56 percent, up 5.7 percent from July's figure of 50.3 percent. The Employment Index was in contraction territory for the third month in a row and the fifth time in the last six months; the reading of 46.5 percent is 0.1 percentage point higher than the 46.4 percent recorded in July. "The Supplier Deliveries Index registered 50.3 percent, 0.7 percentage point lower than the 5 *US AUG. ISM SERVICES PMI AT 52 VS 50.1; EST. 50.1 *US AUG. ISM SERVICES NEW ORDERS AT 56 VS 50.3 *US AUG. ISM SERVICES EMPLOYMENT AT 46.5 VS 46.4 *US AUG. ISM SERVICES PRICES PAID AT 69.2 VS 69.9 ISM: US services activity grows in August Economic activity in the United States' service sector expanded in August, with the Services Purchasing Managers' Index (PMI) rising to 52% from July's 50.1%, remaining above the 50% breakeven point for the third month in a row, the Institute for Supply Management (ISM) said in its report published on Thursday. The Business Activity Index advanced by 2.4 percentage points compared to the previous month to 55%, while the New Orders Index jumped 5.7 percentage points to 56%. The Employment Index stayed in contraction territory for the third consecutive month, inching up 0.1 percentage point to 46.5%. Meanwhile, the Supplier Deliveries Index dropped to 50.3%. "Commentary once again was led by respondents' increasing citations of tariff impacts, with some indication that business activity and imports are being driven by an attempt to get ahead of additional price increases while preparing for the holiday peak season," Business Survey Committee Chair Steve Miller said.

White House Says Trump Signed Executive Order Implementing US-Japan Trade Agreement NEW: President Donald J. Trump just signed an Executive Order officially implementing the U.S.-Japan Trade Agreement. Here is the text of the order: By the authority vested in me as President by the Constitution and the laws of the United States of America, including the… White House: The US will apply a 15% baseline tariff on most Japanese imports, with special rules for cars, aerospace, generic drugs, and scarce natural resources. WHITE HOUSE: JAPAN WORKING TOWARD EXPEDITED IMPLEMENTATION OF A 75% INCREASE OF U.S. RICE PROCUREMENTS